Non-EU AIFMs intending to market AIFs they manage in the EU with a passport once it is available (expected in 2015), or to manage EU AIFs, must receive a prior authorization from the competent authorities of their EU Member State of reference. To obtain such authorization, they must comply with the requirements of the Directive or equivalent rules. The Member State of reference is determined in accordance with a complex series of rules; in summary, it is generally the Member State where the applicant AIFM carries out most management or marketing. The following conditions must also be met: • The non-EU AIFM must.
